AUD/SGD 4H Chart: Triangle

AUD/SGD cross is still trading inside the boundaries of the high-quality and magnitude triangle pattern, even though the pattern's apex will be approached in the next seven days at latest. From the upside the Australian Dollar is contained by the 100-period SMA just below the pattern's resistance, as well as the monthly S2 some 30 pips above it. From another side of the coin, the lower trend-line is not strengthened by any technical level at the moment. Therefore, there is an increased probability of the bearish breakout in the near-term. Moreover, daily studies are sending signals to sell the Aussie versus the Singapore Dollar, despite the fact that 74% of traders are still favouring an uptrend.